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On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. [ 17 ] [ 18 ] Tests by the Federal government revealed that Wells Fargo needed an additional $13.7 billion in order to remain well-capitalized if the economy were to deteriorate ...
The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.
Wells Fargo Corp. Crocker National Bank: Wells Fargo Corp. (combined California bank uses Crocker's charter) Wells Fargo: 1987 Chemical Bank New York Trust Co. Texas Commerce Bank: Chemical Banking Corporation (TX banks continued to operate as Texas Commerce) $1.2 billion JPMorgan Chase: 1987 NBD Bancorp: USAmeribancs: NBD Bancorp: $250 million ...
Wells Fargo Bank has agreed to pay $23.7 million to eight states and modify consumers' mortgages to settle deceptive marketing allegations over risky "pick-a-payment" home loans. The home loans ...
Wells Fargo & Co will pay $575 million to settle claims made by U.S. states that the bank created phony accounts and committed other customer abuses.
FILE - A Wells Fargo sign stands in front of a branch of the bank in Bradenton, Fla., Tuesday, Feb. 22, 2022. Consumer banking giant Wells Fargo is being ordered to pay $3.7 billion in fines and ...
First Union later bought Wachovia National Bank in 2001 and the combined company took the Wachovia brand name. Wachovia Bank, suffering losses during the financial crisis of 2007–2008, was acquired by Wells Fargo, headquartered in San Francisco, California.
Since the fraud became public in 2016, the bank has faced a torrent of lawsuits.